IOTA is a unique cryptocurrency that operates without a blockchain, enabling high throughput transactions targeting the Internet of Things (IoT) industry. Read on to learn what IOTA is, how it works, and how to buy IOTA with a credit card. Here’s everything you need to know about this unique crypto.
Methodology
To determine the premier platforms for acquiring IOTA, we employed a comprehensive and multifaceted research approach, integrating both direct and indirect research methodologies.
This extensive research drew on various materials, including academic articles, sector-specific reports, news briefings, and extensive reviews of product-specific literature. The testing spanned a six month duration, during which we meticulously assessed a multitude of platforms against several essential criteria.
These criteria encompassed aspects such as fee structures, the robustness of security protocols, market liquidity, regulatory adherence, the breadth and innovation in the product offerings, and the quality of the user interface and experience.
Binance: Is the world’s largest exchange by trading volume and assets under management. This allows for deep liquidity which reduces slippage for both small and moderate sized buy and sell orders. Binance has a $2.6 million 24-hour trading volume for IOTA.
• Security: Proof of reserves, address whitelisting, two-factor authentication
• Products: Cloud mining, staking, trading (futures, options, and spot), trading bots
• Fees: 0.1%
This methodology was peer reviewed and fact checked to ensure the accuracy of the information. To learn more about BeInCrypto’s Verification Process, click the link.
What is IOTA?
IOTA (IOTA) is a distributed ledger created to execute and record transactions between physical devices connected to the Internet of Things (IoT) ecosystem. IoT devices are connected to the internet through a cellular or Wi-Fi network.
However, despite their universality, processing payments and transactions between IoT devices is arduous. Thus, the IOTA network is used to exchange data and values between human beings and computers. Simply put, IoT is used to power microtransactions between IoT devices.
Unlike other projects, the IOTA network doesn’t use a blockchain network like most cryptocurrencies. Instead, it uses Tangle — a consensus mechanism that compels users to verify two transactions to settle their own IOTA transactions.
Tangle technology is basically a direct acyclic graph (DAG) consensus algorithm. This means there are no blocks, transaction fees, miners, or validators. As a result, the IOTA network can avoid the high cost and scalability issues associated with most blockchains.
The IOTA distributed ledger network has its own native token that trades under the ticker symbol, IOTA, and is pre-mined. The IOTA token is also referred to as MIOTA, which stands for one million of IOTA. Besides processing transactions on the IOTA distributed ledger, network supporters and participants also receive MIOTA tokens as rewards.
The IOTA token has a maximum supply of 4,600,000,000 and a circulating supply of 2,779,530,283 tokens, according to CoinMarketCap as of November 2023. It has a market capitalization of over $400 million.
Before we look at how to buy IOTA with a credit card, remember that you’ll first need to find a crypto wallet that you’ll use to store and trade your IOTA tokens. Choose a reliable IOTA wallet that offers maximum security for your digital assets.
Did you know? The IOTA distributed ledger recently launched its IOTA 2.0 consensus mechanism, which is an evolution of the Nakamoto consensus that was originally popularized by Bitcoin.
How to buy IOTA with a credit card
There are various online payment methods available to crypto users. Let’s take a look at how to buy IOTA with a credit card.
Choose a reliable exchange to use
Several crypto exchanges support various online payment methods. Check that the exchange you want to use is trustworthy, reliable, and accepts credit card payments. For this guide, we’ll take you through how to buy IOTA with a credit card on Binance.
Create and verify your account
You’ll first need to create an account with Binance and get it verified. You can either use the Binance app or its desktop version. For this illustration, we’ll use the Binance desktop version. If you already have a Binance account, proceed to log in.
Buy another cryptocurrency to swap for IOTA
After successfully signing up or logging in, click on the “Buy Crypto” widget found on the top left-hand side of the dashboard. Currently, the Binance desktop version doesn’t support the direct purchase of IOTA. However, you can purchase other coins like Ethereum (ETH) and swap them for IOTA.
To do that, set your default currency as USD and the tokens to receive as ETH, enter the amount of USD you wish to spend, and click on “Buy ETH.”
Link your credit card to your account
Next, select the “Card Payment” option as shown below.
Add your valid credit card details, click on “Confirm,” check the “Terms & Conditions” checkbox, and then click on “Confirm” on the order transaction details.
You will be redirected to a secure payment getaway to ensure a secure transaction. You’ll then need to key in the one-time password (OTP) that your bank will send via a text message to your phone number. Enter the OTP and click on “Submit”. A pop-up page will appear on your screen, notifying you of a successful purchase of ETH coins.
Swap ETH for IOTA
Now that you have your ETH in your Binance Spot wallet, you can swap it for IOTA. From the dashboard, click “Trade” and choose “Convert & Block Trade” to convert the ETH to IOTA.
Set the “from” as ETH and “to” as IOTA. Enter the amount of ETH you want to swap and click “Preview Conversion.” Follow the prompts to complete the conversion of your ETH to IOTA.
And that’s it! That’s how to buy IOTA with a credit card.
Binance, just like other crypto exchanges, tries to ensure the security of its platform. However, it’s still advisable to withdraw your IOTA tokens to a secure IOTA wallet and keep crypto wallet security at the forefront of your mind at all times.
You can withdraw your IOTA tokens from Binance to any hot wallet or cold wallet of your choice. Alternatively, you can go for a fully air-gapped wallet or a multi-signature wallet. A multi-sig wallet works best if you require a crypto wallet that can support multiple users.
Buying IOTA is quick and easy
There are various online payment methods available that crypto investors can use to purchase various digital assets in a matter of minutes. Buying crypto with a credit card is arguably one of the most convenient. That also holds true for purchasing IOTA. But remember to choose a non-custodial wallet to store and manage your digital assets to ensure your IOTA tokens are safe.
Frequently asked questions
How do I buy IOTA cryptocurrency?
How can I buy IOTA without KYC?
How high can IOTA go?
Can IOTA reach $50?
Disclaimer
In line with the Trust Project guidelines, the educational content on this website is offered in good faith and for general information purposes only. BeInCrypto prioritizes providing high-quality information, taking the time to research and create informative content for readers. While partners may reward the company with commissions for placements in articles, these commissions do not influence the unbiased, honest, and helpful content creation process. Any action taken by the reader based on this information is strictly at their own risk. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
